Reduction of Capital

In: Business and Management

Submitted By helloimhawa
Words 370
Pages 2
Reduction of Capital

Subject to confirmation of the Court, a company may if so authorised by its Articles by special ii. cancel any paid-up share capital which is lost or is unrepresented by available assets | resolution, reduce its share capital in any of the following manner: i. extinguish or reduce the liability on any of its shares in respect of share capital not paid-up. | iii. pay off any paid-up share capital which is in excess of the needs of the company |
Procedure to reduce capital

Shares Buy Back

* Only a listed corporation is allowed to have scheme of “share buy back” * Where a company proposes to purchase its own shares pursuant to section 67A of the act, the following must be complied with : * declaration by directors * advertisement * adjustment to register of substantial shareholders * lodgement of forms * restriction on purchase * restriction on selling treasury shares

Share Certificates

* Lost or destruction of share certificates * May request for a duplicate share certificate provided: i) Further search ii) If value of shares >RM500, advertise in the local newspaper iii) Furnish a bond – indemnify the company against any loss if the original certificate is found iv) Statutory declaration that the certificate has been lost or destroyed; has not been pledged v) An undertaking in writing that if the original certificate is found, it will be returned to the company

* * Prima facie evidence of shareholdings * Issued under the company’s common seal * Section 107: * Issued within 2 months after allotment * Issued within one month after date on which a transfer is lodged and approved

Transfer And Transmission Of…...

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